Special Situations

What makes us different?

From distressed municipal debt to specialty telecommunications, our Special Situations team identifies unique investment and strategic ideas that fall outside of our core sectors, diving deep into the issues that focus on distressed or event-driven opportunities. This means constantly reevaluating ways to produce differentiated analysis that allows our clients to better understand regulatory pressure and legislative trends.

We live in the weeds.

In order to identify unique, non-traditional investment themes, our analysts strive to become experts on the opaque policy details. We sift through murky comment letters, proposed rules, agency publications, and legislative drafts. We also attend public hearings and visit the municipal bond issuers we cover in person in search of insight and conclusions often missed by others. Throughout our continued coverage, our analysts have built strong relationships with current and former senior officials in the United States and its territories, leading financial advisory firms, and vital members of the business community. These relationships allow us to closely track volatile situations and ensure that our coverage considers the viewpoints of those closest to the issues we cover. Capstone prides itself on digging deep to cut through the noise to provide context and differentiated insights.

Selected Issues

Distressed municipal debt of Puerto Rico, Detroit, and Illinois
TXU/Energy Future Holdings Restructuring
Merger arbitrage

Trucking and transportation
Product liability claims
Net metering policies
For-profit education

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Our Latest Insights

Inflation and the Italian Bank-Sovereign “Doom Loop”

Inflation and the Italian Bank-Sovereign “Doom Loop”

By: Mathew Gilbert Central banks around the world are struggling to get the right balance between reigning in record levels of inflation and avoiding an economic collapse, as policymakers hike interest rates and withdraw stimulus. While the European Central Bank (ECB)...

The Coming Battle over SEC’s Sweeping Market Structure Reforms

The Coming Battle over SEC’s Sweeping Market Structure Reforms

By Thomas Dee Two things are clear about Securities and Exchange Commission (SEC) Chair Gary Gensler’s plans for equity market structure reform. First, the SEC is considering sweeping reforms, most likely at the expense of wholesalers such as Citadel and Virtu...